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PricewaterhouseCoopers and the Urban Land Institute have just released Emerging Trends in Real Estate: 2009, which I have the privilege of authoring. This is the 16th edition of Emerging Trends I have written and now I feel like have gone through an entire real estate cycle — and a long one at that. In 1993 when I started writing these annual forecasts my colleagues at Equitable Real Estate kidded me for writing about “submerging trends.” We all were coming out of what amounted to the roughest period ever experienced for commercial real estate since the Depression — a combination of overbuilding and recessionary demand sent values plummeting and created monumental dislocation for our clients. In fact, our insurance company parent almost went under, rescued by a sweetheart deal for the French insurer AXA. They bought one of the nation’s largest insurers for about $1 billion. Sounds a little bit familiar.

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